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Mar 04 - 03:55 AM

EUR/USD - Chart Bullish, But Beware The Recent Large Upper Shadow

By Martin Miller  —  Mar 04 - 02:55 AM
  • In Feb EUR/USD failed under 1.0712 Fibo, a bear trap, is a bullish sign

  • A bear trap is set when a market breaks below a tech level but then reverses

  • 1.0712 Fibo is a 61.8% retrace of the 1.0448-1.1139 (Oct-Dec) EBS rise

  • Fourteen-day momentum remains positive, reinforcing the bullish bias

  • The large upper shadow on the Feb 22 candle continues to limit the upside

  • EUR/USD Trader TGM2334. Previous update nL2N3FE0PA

Source:
Refinitiv IFR Research/Market Commentary

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